{"id":5044,"date":"2024-07-02T17:57:43","date_gmt":"2024-07-02T20:57:43","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/preferencias-de-investidores-de-private-equity-no-brasil\/"},"modified":"2026-09-29T15:16:32","modified_gmt":"2026-09-29T18:16:32","slug":"preferencias-de-investidores-de-private-equity-no-brasil","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/preferencias-de-investidores-de-private-equity-no-brasil\/","title":{"rendered":"Private Equity Investor Preferences in Brazil"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">O \u00c1rtica realizou um estudo com gestoras de Private Equity para mapear suas prefer\u00eancias em investimentos. O estudo contou com 42 gestoras, representando 45% das que est\u00e3o em atividade no momento da realiza\u00e7\u00e3o da pesquisa, somando R$ 105 bilh\u00f5es de capital investido, que equivale a 58% do total estimado pela ind\u00fastria no Brasil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A seguir, destacamos caracter\u00edsticas das gestoras em rela\u00e7\u00e3o ao cheque realizado, prefer\u00eancia por investimentos majorit\u00e1rios\/minorit\u00e1rios e indicadores financeiros, m\u00e9tricas de governan\u00e7a observadas, bem como a tamb\u00e9m predile\u00e7\u00e3o por setores de interesse, restri\u00e7\u00f5es a companhias com rela\u00e7\u00f5es com o governo e n\u00edvel de interfer\u00eancia na gest\u00e3o das empresas investidas. Confira o material na \u00edntegra no link: https:\/\/lnkd.in\/djz4CSgQ<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 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var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>A maioria das gestoras de private equity no Brasil possui cheques adequados a empresas do middle-market<\/h2>\n  <div class=\"pil-sub\"><span>Faixa de tamanho dos investimentos de fundos de <i>private equity<\/i> (em R$ mm)<\/span><\/div>\n  <span class=\"pil-unit\">% dos entrevistados que investem em determinada faixa de cheque<\/span>\n  <div style=\"display:grid;gap:10px;margin:12px 0 20px\">\n    <div class=\"pil-note solid\" style=\"margin-top:0\"><span><b>Prefer\u00eancia por m\u00e9dias empresas<\/b>: mais da metade das 42 gestoras entrevistadas, realizam investimentos com cheques entre R$50 mm e R$400 mm<\/span><\/div>\n    <div class=\"pil-note solid\" style=\"margin-top:0\"><span><b>Escassez de grandes cheques:<\/b> apenas 21% das gestoras possuem cheques acima de R$600 mm e apenas 10% acima de R$2 bi<\/span><\/div>\n  <\/div>\n  <div class=\"pil-bars\" role=\"img\" aria-label=\"Percentual das gestoras que investem em cada faixa de cheque, em R$ mm: at\u00e9 25, 29%; 25 a 50, 33%; 50 a 100, 52%; 100 a 200, 57%; 200 a 400, 50%; 400 a 600, 36%; 600 a 800, 21%; 800 a 1000, 17%; 1000 a 2000, 14%; acima de 2000, 10%\">\n    <div class=\"cur\" style=\"height:50.9%\"><span>29%<\/span><\/div>\n    <div class=\"cur\" style=\"height:57.9%\"><span>33%<\/span><\/div>\n    <div class=\"cur\" style=\"height:91.2%\"><span>52%<\/span><\/div>\n    <div class=\"cur\" style=\"height:100%\"><span>57%<\/span><\/div>\n    <div class=\"cur\" style=\"height:87.7%\"><span>50%<\/span><\/div>\n    <div class=\"cur\" style=\"height:63.2%\"><span>36%<\/span><\/div>\n    <div class=\"cur\" style=\"height:36.8%\"><span>21%<\/span><\/div>\n    <div class=\"cur\" style=\"height:29.8%\"><span>17%<\/span><\/div>\n    <div class=\"cur\" style=\"height:24.6%\"><span>14%<\/span><\/div>\n    <div class=\"cur\" style=\"height:17.5%\"><span>10%<\/span><\/div>\n  <\/div>\n  <div class=\"pil-years\"><span>At\u00e9 25<\/span><span>25 &#8211; 50<\/span><span>50 &#8211; 100<\/span><span>100 &#8211; 200<\/span><span>200 &#8211; 400<\/span><span>400 &#8211; 600<\/span><span>600 &#8211; 800<\/span><span>800 &#8211; 1000<\/span><span>1000 &#8211; 2000<\/span><span>&gt; 2000<\/span><\/div>\n  <div class=\"pil-src\">Fonte: \u00c1rtica \u2013 Atraindo Investimentos de Private Equity; Gestoras de <i>private equity<\/i><\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>H\u00e1 uma divis\u00e3o quase igual entre gestoras por prefer\u00eancia de controle, sendo que a maioria possui flexibilidade para aquisi\u00e7\u00f5es de 100%<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>Prefer\u00eancias de gestoras por controle<\/span><\/div>\n      <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px\"><span class=\"pil-unit\">% dos entrevistados<\/span><span class=\"pil-legend\" style=\"margin:0\"><span><i style=\"background:var(--navy)\"><\/i><span>Minorit\u00e1rio<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>Majorit\u00e1rio<\/span><\/span><\/span><\/div>\n      <div role=\"img\" aria-label=\"Prefer\u00eancia por controle, percentual minorit\u00e1rio e majorit\u00e1rio: Geral 52% e 48%; por faixa de investimento em R$ MM: at\u00e9 25, 83% e 17%; 25 a 50, 71% e 29%; 50 a 100, 64% e 36%; 100 a 200, 33% e 67%; 200 a 400, 24% e 76%; 400 a 600, 27% e 73%; 600 a 800, 22% e 78%; acima de 800, 0% e 100%\" style=\"font-size:12px;color:#fff;margin-top:10px\">\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center;color:var(--txt)\"><b style=\"text-align:right\">Geral<\/b><div style=\"display:flex;height:24px;color:#fff;font-weight:700\"><span style=\"width:52%;background:var(--navy);display:flex;align-items:center;justify-content:center\">52%<\/span><span style=\"width:48%;background:var(--light);display:flex;align-items:center;justify-content:center\">48%<\/span><\/div><\/div>\n        <p style=\"text-align:center;font-weight:700;color:var(--navy);font-size:13px;margin:14px 0 8px\">Por faixa de investimento (em R$MM)<\/p>\n        <div style=\"display:grid;gap:6px;color:var(--txt)\">\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">At\u00e9 25<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:83%;background:var(--navy);text-align:center\">83%<\/span><span style=\"width:17%;background:var(--light);text-align:center\">17%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">25 &#8211; 50<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:71%;background:var(--navy);text-align:center\">71%<\/span><span style=\"width:29%;background:var(--light);text-align:center\">29%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">50 &#8211; 100<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:64%;background:var(--navy);text-align:center\">64%<\/span><span style=\"width:36%;background:var(--light);text-align:center\">36%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">100 &#8211; 200<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:33%;background:var(--navy);text-align:center\">33%<\/span><span style=\"width:67%;background:var(--light);text-align:center\">67%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">200 &#8211; 400<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:24%;background:var(--navy);text-align:center\">24%<\/span><span style=\"width:76%;background:var(--light);text-align:center\">76%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">400 &#8211; 600<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:27%;background:var(--navy);text-align:center\">27%<\/span><span style=\"width:73%;background:var(--light);text-align:center\">73%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">600 &#8211; 800<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:22%;background:var(--navy);text-align:center\">22%<\/span><span style=\"width:78%;background:var(--light);text-align:center\">78%<\/span><\/div><\/div>\n          <div style=\"display:grid;grid-template-columns:64px 1fr;gap:8px;align-items:center\"><span style=\"text-align:right\">&gt;800<\/span><div style=\"display:flex;height:18px;color:#fff\"><span style=\"width:100%;background:var(--light);text-align:center\">100%<\/span><\/div><\/div>\n        <\/div>\n      <\/div>\n      <div class=\"pil-note solid\"><span><b>Rela\u00e7\u00e3o com tamanho:<\/b> h\u00e1 uma direta rela\u00e7\u00e3o entre o percentual de participa\u00e7\u00e3o almejado pelas gestoras e o tamanho do investimento<\/span><\/div>\n      <div class=\"pil-note solid\" style=\"margin-top:10px\"><span><b>Dificuldade para empresas menores:<\/b> donos de empresas menores que desejam vender o controle podem ter maior dificuldade de encontrar gestoras que possuam essa flexibilidade<\/span><\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Porcentagem das gestoras que realizam aquisi\u00e7\u00f5es de 100%<\/span><\/div>\n      <span class=\"pil-unit\">% dos entrevistados<\/span>\n      <div class=\"pil-legend\" style=\"flex-direction:column;align-items:flex-start;gap:4px;margin:8px 0 10px\"><span><i style=\"background:var(--navy)\"><\/i><span>Possuem flexibilidade para aquisi\u00e7\u00e3o de 100%<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>N\u00e3o possuem flexibilidade para aquisi\u00e7\u00e3o de 100%<\/span><\/span><\/div>\n      <div class=\"pil-bars\" style=\"gap:10%;padding:0 8%\" role=\"img\" aria-label=\"Gestoras que possuem e n\u00e3o possuem flexibilidade para aquisi\u00e7\u00e3o de 100%: Geral 57% possuem e 43% n\u00e3o possuem; gestoras com prefer\u00eancia por minorit\u00e1rio 14% possuem e 86% n\u00e3o possuem; gestoras com prefer\u00eancia por majorit\u00e1rio 75% possuem e 25% n\u00e3o possuem\">\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none;color:#fff;font-size:12px;text-align:center\"><div style=\"height:57%;background:var(--navy);display:flex;align-items:center;justify-content:center\">57%<\/div><div style=\"height:43%;background:var(--light);display:flex;align-items:center;justify-content:center\">43%<\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none;color:#fff;font-size:12px;text-align:center\"><div style=\"height:14%;background:var(--navy);display:flex;align-items:center;justify-content:center\">14%<\/div><div style=\"height:86%;background:var(--light);display:flex;align-items:center;justify-content:center\">86%<\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none;color:#fff;font-size:12px;text-align:center\"><div style=\"height:75%;background:var(--navy);display:flex;align-items:center;justify-content:center\">75%<\/div><div style=\"height:25%;background:var(--light);display:flex;align-items:center;justify-content:center\">25%<\/div><\/div>\n      <\/div>\n      <div class=\"pil-years\" style=\"gap:10%;padding:4px 8% 0;font-size:12px\"><span>Geral<\/span><span>Gestoras com prefer\u00eancia por minorit\u00e1rio<\/span><span>Gestoras com prefer\u00eancia por majorit\u00e1rio<\/span><\/div>\n      <div class=\"pil-note solid\"><span><b>Flexibilidade para aquisi\u00e7\u00f5es de 100%:<\/b> a maior parte das gestoras possui flexibilidade para adquirir a totalidade da participa\u00e7\u00e3o, mesmo que n\u00e3o seja sua prefer\u00eancia inicial<\/span><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: \u00c1rtica \u2013 Atraindo Investimentos de Private Equity; Gestoras de <i>private equity<\/i><\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Gestoras priorizaram crescimento e rentabilidade como principais aspectos financeiros e a confiabilidade das informa\u00e7\u00f5es para governan\u00e7a<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>Aspectos financeiros mais valorizados<\/span><\/div>\n      <p class=\"pil-unit\" style=\"margin:0 0 10px\">M\u00e9dia de notas atribu\u00eddas a cada crit\u00e9rio (de 0 a 10)<\/p>\n      <div class=\"pil-hbars\" role=\"img\" aria-label=\"Aspectos financeiros mais valorizados, nota m\u00e9dia de 0 a 10: Crescimento consistente 8,33; Rentabilidade alta (ROIC) 8,29; Forte gera\u00e7\u00e3o de caixa 6,13; Pricing Power 5,08; Forte controle de custos e despesas 3,06; Estrutura de capital saud\u00e1vel, com d\u00edvida controlada 2,66; Hist\u00f3rico de aquisi\u00e7\u00f5es bem-sucedidas 1,27\">\n        <div class=\"r\"><b>Crescimento consistente<\/b><div class=\"bar\"><i style=\"width:83.3%;background:var(--navy)\"><\/i><\/div><em>8,33<\/em><\/div>\n        <div class=\"r\"><b>Rentabilidade alta (ROIC)<\/b><div class=\"bar\"><i style=\"width:82.9%;background:var(--navy)\"><\/i><\/div><em>8,29<\/em><\/div>\n        <div class=\"r\"><b>Forte gera\u00e7\u00e3o de caixa<\/b><div class=\"bar\"><i style=\"width:61.3%;background:var(--navy)\"><\/i><\/div><em>6,13<\/em><\/div>\n        <div class=\"r\"><b><i>Pricing Power<\/i><\/b><div class=\"bar\"><i style=\"width:50.8%;background:var(--navy)\"><\/i><\/div><em>5,08<\/em><\/div>\n        <div class=\"r\"><b>Forte controle de custos e despesas<\/b><div class=\"bar\"><i style=\"width:30.6%;background:var(--navy)\"><\/i><\/div><em>3,06<\/em><\/div>\n        <div class=\"r\"><b>Estrutura de capital saud\u00e1vel, com d\u00edvida controlada<\/b><div class=\"bar\"><i style=\"width:26.6%;background:var(--navy)\"><\/i><\/div><em>2,66<\/em><\/div>\n        <div class=\"r\"><b>Hist\u00f3rico de aquisi\u00e7\u00f5es bem-sucedidas<\/b><div class=\"bar\"><i style=\"width:12.7%;background:var(--navy)\"><\/i><\/div><em>1,27<\/em><\/div>\n      <\/div>\n      <div class=\"pil-note solid\"><span><b>Atributos desej\u00e1veis:<\/b> gestoras priorizaram empresas que consigam entregar crescimento consistente mantendo uma alta rentabilidade<\/span><\/div>\n      <div class=\"pil-note solid\" style=\"margin-top:10px\"><span><b>Atributos menos relevantes:<\/b> hist\u00f3rico bem-sucedido de aquisi\u00e7\u00f5es n\u00e3o foi priorizado, pois gestoras acreditam que podem contribuir com esta capacidade ap\u00f3s integrar a gest\u00e3o das empresas<\/span><\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Aspectos de governan\u00e7a mais valorizados<\/span><\/div>\n      <p class=\"pil-unit\" style=\"margin:0 0 10px\">M\u00e9dia de notas atribu\u00eddas a cada crit\u00e9rio (de 0 a 10)<\/p>\n      <div class=\"pil-hbars\" role=\"img\" aria-label=\"Aspectos de governan\u00e7a mais valorizados, nota m\u00e9dia de 0 a 10: Informa\u00e7\u00f5es gerenciais bem organizadas e confi\u00e1veis 8,98; Diretoria estruturada e profissionalizada 7,21; Auditoria independente 7,21; Inexist\u00eancia\/pouco predomin\u00e2ncia de familiares na companhia 4,59; Pol\u00edtica de transa\u00e7\u00f5es com partes relacionadas 4,12; Conselho de Administra\u00e7\u00e3o constitu\u00eddo 3,50; Acordo de acionista 2,72\">\n        <div class=\"r\"><b>Informa\u00e7\u00f5es gerenciais bem organizadas e confi\u00e1veis<\/b><div class=\"bar\"><i style=\"width:89.8%;background:var(--navy)\"><\/i><\/div><em>8,98<\/em><\/div>\n        <div class=\"r\"><b>Diretoria estruturada e profissionalizada<\/b><div class=\"bar\"><i style=\"width:72.1%;background:var(--navy)\"><\/i><\/div><em>7,21<\/em><\/div>\n        <div class=\"r\"><b>Auditoria independente<\/b><div class=\"bar\"><i style=\"width:72.1%;background:var(--navy)\"><\/i><\/div><em>7,21<\/em><\/div>\n        <div class=\"r\"><b>Inexist\u00eancia\/pouco predomin\u00e2ncia de familiares na companhia<\/b><div class=\"bar\"><i style=\"width:45.9%;background:var(--navy)\"><\/i><\/div><em>4,59<\/em><\/div>\n        <div class=\"r\"><b>Pol\u00edtica de transa\u00e7\u00f5es com partes relacionadas<\/b><div class=\"bar\"><i style=\"width:41.2%;background:var(--navy)\"><\/i><\/div><em>4,12<\/em><\/div>\n        <div class=\"r\"><b>Conselho de Administra\u00e7\u00e3o constitu\u00eddo<\/b><div class=\"bar\"><i style=\"width:35%;background:var(--navy)\"><\/i><\/div><em>3,50<\/em><\/div>\n        <div class=\"r\"><b>Acordo de acionista<\/b><div class=\"bar\"><i style=\"width:27.2%;background:var(--navy)\"><\/i><\/div><em>2,72<\/em><\/div>\n      <\/div>\n      <div class=\"pil-note solid\"><span><b>Confiabilidade de informa\u00e7\u00f5es<\/b>: a qualidade das informa\u00e7\u00f5es foi o item de governan\u00e7a com maior peso, com mais de 80% das gestoras entrevistadas afirmando que dados n\u00e3o confi\u00e1veis ou desorganizados podem ser um <i>dealbreaker<\/i><\/span><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: \u00c1rtica \u2013 Atraindo Investimentos de Private Equity; Gestoras de <i>private equity<\/i><\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>\u00c1rtica conducted a study with Private Equity managers to map their investment preferences. The study included 42 managers, representing 45% of those operating at the time of the survey, totaling R$105 billion in invested capital, equivalent to 58% of the total estimated by the industry in Brazil.<\/p>","protected":false},"author":1,"featured_media":5040,"template":"","meta":[],"class_list":["post-5044","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5040"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}